Topic: Tether Seems like Sound money - page 2. (Read 459 times)

"Why not just sell your crypto directly to Fiat?"

Many people do not have that option, so Tether quickly caught on when most major exchanges offered it as a USD alternative. USDC started later, so Tether had a huge head start. I am really surprised the the big heap of rotting scam has not exploded yet.

Yes, USDC is a much safer bet.

Usdt is still the same thing as dollar,  it won't be a good decision for one to consider usdt as a good and longterm investment. Taking usdt as an investment is not really an investment,  it is just like keeping money in the bank not knowing that the money is losing value with time. I wont advice any one to keep  stable coin as an investment,  in cryptocurrency we have good investment like Bitcoin to be consider as a better investment outside cryptocurrency their are other good investment.

If the dollar is debt structured, then USDT is tied to the value of one dollar, but in reality it is tied to promises and there is not even 1% of the reserves from net deposits. USDT is very bad and you should not consider it as a long-term investment. If you want to invest in a stable currency, there are better projects than PYUSD USDC DAI.

Seriously? A stablecoin that constantly add new units into circulation without regular audits is considered "sound money"? Looks more like a scam to me. It won't be long before it all blows up. And when it does, expect market prices for major cryptocurrencies to go all the way down the drain in an instant. USDC is a much safer bet, since the company backing it is regulatory-compliant. Circle (the issuer of USDC) went as far as redeeming USDC to $1 USD for its customers even when the stablecoin lost the peg for a short amount of time. This helps build trust among investors and traders alike.

Tether/USDT won't provide proof of its USD reserves for some reason. I'd take it with a grain of salt, especially when we saw Terra/LUNA's stablecoin collapse in an instant. Why not just sell your crypto directly to Fiat? It's much safer this way.

They buy btc to back up their currency USDT so that's what the money should be backed by btc. The digital gold.
Think about the fiat currencies every dollar bill in your pocket are debt the USDT seems much more reliable then fiat, USDT can and it should decouple of dollar If the dollar value don't go up.
Me and many others like to see one day USDT paper currency also. I rather hold new dollar (USDT) Then just the current dollar wich is debt structured.
The path to financial freedom comes first we need to get rid of the debt based economy so the real way Will be USDT backed by digital gold the btc and other digital currencies.
Goverments also can function better If they buy btc and whatever budget they need , for example to fix health care or to build up something then they might sell some part of their btc to get USDT instead of using debt and making inflation high they can use sound financial system.
So instead of taking the loan goverment can buy dca way BTC with tax payers money and If btc price goes up they can sell and with that funds they can a lot good things in society.
I don't know about USDC but USDT financial structure looking more solid.
USDT is best money out there right now because they backing up with btc reserves.
That's what the btc should be all about backing up the currency value for currency issuer.

I only use stable coins for emergencies like when the crypto market is congested and I can't seem to find any way to convert my bitcoins to fiat I might gonna ended up selling them later which gonna lower the price because the trend is over. I look for reliable stable coins and temporarily convert them so that I won't lose the original price when bitcoins reach its ATH at that time. This rarely happens to me anyway but my point is, this is the only thing I found stablecoins are useful because when it comes to investment, I rather choose to take the risk of investing in some traditional altcoins rather than these stablecoins which won't increase their price.

If the dollar is debt structured, then USDT is tied to the value of one dollar, but in reality it is tied to promises and there is not even 1% of the reserves from net deposits. USDT is very bad and you should not consider it as a long-term investment. If you want to invest in a stable currency, there are better projects than PYUSD USDC DAI.

That's why they push now the stablecoins regulations and that's good thing when stablecoin holders will be protected it's still wild west but slowly btc start backing the stablecoins USDT first then USDC, i know USDC are more solid stablecoin but USDT have very good structure and trusted many traders including me.

Anyone who say we can not trust USDT or USDC...i would say it's a end of the crypto then, but Im happy that instutions and goverments working together to get off the debt economy into cryptocurrency backed currency like USDT , USDC.

Everything going good way stablecoins are future btc can't be money never but let's not forget the btc purpose to be digital gold and why you need digital gold? You need it to back up currency at least some fractions with btc.

Not long to wait those days when finally fdci and FCA UK Will protect stablecoins owners when rates Will be even higher than now and good yield of USDT,USDC holding on bank wallet or exchangers.

I personally like DAI, the way it uses Ethereum to over-collaterize their decentralized reserves and keep their peg without having to rely on the holding of FIAT or FIAt equivalents like Tether and USDC do.
I would personally use DAI more often, but the fees within the Ethereum Network does not allow someone like me to easily interact with smart contracts and send smalls amounts of money without having to pay for significant percentages of such value.

OP, i don't think you understand what USDT is and how it works, it is the same as the dollar because it is backed by it, but it is better you hodl the dollar because you cannot be sure of any USDT you have in your wallet, some of them are definitely not backed by anything but thin air. Having said that, another reason you should hold the dollar is that whatever you have of it in your bank account is insured up to a certain amount, but if something goes wrong for the issuers of USDT, you lose all your money; not to mention they can freeze your coins, lose their peg, and let's just leave it there, but you should know the better option now!

USDT has large reserves & has many years of trust earned. I trust it enough to leave a moderate amount of money parked on an exchange with limit buy orders set to buy crypto with but like anything, don’t leave more than you can afford to lose on any third party exchange. I trust USDT more than most crypto.

USDT is best money out there right now because they backing up with btc reserves.

You've missed the point for USDT existing.

Tether or USDT is a tool, something that is created to satisfy a need. That is the need for something that has a stable value (as compared to cryptocurrencies otherwise there is nothing stable) that crypto traders can use to store their capital whenever they want to exit the market or something to use to quickly and cheaply transfer funds between exchanges.

Tether is just filling a gap. It is not supposed to and it can not ever be money. There are a couple of fundamental flaws that prevents it from becoming money. (1) it has no cap meaning it can never be store of value due to its inflation (2) it is pegged to a fiat that also has no limit and has inflation.

It also can not be pegged to bitcoin because it loses its whole purpose! In other words as long as bitcoin itself exists, you don't need something that is pegged to it 1:1 and has the same value. It would make no sense.

--snip

They buy btc to back up their currency USDT so that's what the money should be backed by btc. The digital gold.

Think about the fiat currencies every dollar bill in your pocket are debt

the USDT seems much more reliable then fiat

Me and many others like to see one day USDT paper currency also.

The path to financial freedom comes first we need to get rid of the debt based economy so the real way Will be USDT backed by digital gold the btc and other digital currencies.
Goverments also can function better If they buy btc and whatever budget they need , for example to fix health care or to build up something then they might sell some part of their btc to get USDT instead of using debt and making inflation high they can use sound financial system.
So instead of taking the loan goverment can buy dca way BTC with tax payers money and If btc price goes up they can sell and with that funds they can a lot good things in society.

I don't know about USDC but USDT financial structure looking more solid.

USDT is best money out there right now because they backing up with btc reserves.
That's what the btc should be all about backing up the currency value for currency issuer.